MIRA
INFORM REPORT
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Report Date : |
17.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ELECTRO JET SA |
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Registered Office : |
C/ Ctra. De Vic A Manlleu, Km I,5 Edif. 'el
Tint', Gurb, 08519 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
A58289141 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of machinery for textile, apparel and leather production |
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No. of Employees : |
41 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Spain |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
spain - ECONOMIC OVERVIEW
spain's mixed capitalist economy is the 13th largest
in the world, and its per capita income roughly matches that of Germany and
France. However, after almost 15 years of above average GDP growth, the Spanish
economy began to slow in late 2007 and entered into a recession in the second
quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend,
and by another 0.1% in 2010, before turning positive in 2011, making Spain the
last major economy to emerge from the global recession. The reversal in
Spain''s economic growth reflected a significant decline in construction amid
an oversupply of housing and falling consumer spending, while exports actually
have begun to grow. Government efforts to boost the economy through stimulus
spending, extended unemployment benefits, and loan guarantees did not prevent a
sharp rise in the unemployment rate, which rose from a low of about 8% in 2007
to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in
2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid
cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target
negotiated between Spain and the EU. Spain''s large budget deficit and poor
economic growth prospects have made it vulnerable to financial contagion from
other highly-indebted euro zone members despite the government''s efforts to
cut spending, privatize industries, and boost competitiveness through labor
market reforms. Spanish banks'' high exposure to the collapsed domestic
construction and real estate market also poses a continued risk for the sector.
The government oversaw a restructuring of the savings bank sector in 2010, and
provided some $15 billion in capital to various institutions. Investors remain
concerned that Madrid may need to bail out more troubled banks. The Bank of
Spain, however, is seeking to boost confidence in the financial sector by
pressuring banks to come clean about their losses and consolidate into stronger
groups.
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Source : CIA |
Company name and address
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Electro Jet Sa |
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Employees: |
41 |
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Company Type: |
Public
Independent |
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Incorporation
Date: |
1986 |
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Auditor: |
Paccioli
Auditors Slp |
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Fiscal Year End: |
20-Sep-2012 |
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Reporting
Currency: |
Euro |
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Annual Sales: |
34.1 1 |
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Net Income: |
7.8 |
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Total Assets: |
24.3 |
Business Description
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Manufacture of machinery for textile,
apparel and leather production |
Industry
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Industry |
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ANZSIC 2006: |
2469 - Other Specialised Machinery and Equipment
Manufacturing |
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NACE 2002: |
2954 - Manufacture of machinery for textile, apparel and
leather production |
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NAICS 2002: |
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UK SIC 2003: |
2954 - Manufacture of machinery for textile, apparel and
leather production |
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UK SIC 2007: |
2894 - Manufacture of machinery for textile, apparel and
leather production |
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US SIC 1987: |
Key Executives
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Registered No.(ESP)
A58289141
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR
0.7699538
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7651991
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Annual Profit & Loss
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Charges |
29.3 |
15.8 |
9.2 |
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Stock Reduction |
- |
- |
1.5 |
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Supplies |
18.7 |
11.0 |
3.1 |
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Consumption of Raw Materials |
14.4 |
8.2 |
1.5 |
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Miscellaneous External Expenditures |
4.4 |
2.8 |
1.6 |
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Staff Costs |
3.1 |
1.4 |
2.4 |
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Wages and Salaries |
2.6 |
1.1 |
2.0 |
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Social Security Costs |
0.6 |
0.3 |
0.4 |
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Depreciation |
0.4 |
0.5 |
0.6 |
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Allowance for Trade Operations |
0.1 |
0.0 |
0.0 |
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Losses from Unrecovered Receivables |
0.1 |
0.0 |
0.0 |
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Other Operating Charges |
4.2 |
2.6 |
1.3 |
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External Services |
4.2 |
2.5 |
1.3 |
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Taxes |
0.0 |
0.0 |
0.0 |
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Operating
Benefits |
10.9 |
1.7 |
0.1 |
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Financials and Similar Charges |
0.0 |
0.0 |
0.1 |
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Due to Other Liabilities |
0.0 |
0.0 |
0.1 |
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Exchange Losses |
0.0 |
- |
0.0 |
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Net Financial
Income |
0.1 |
0.1 |
- |
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Profit From
Ordinary Activities |
10.9 |
1.8 |
0.1 |
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Losses From Assets and Securities
Portfolio |
- |
0.0 |
0.0 |
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Extraordinary
Profit |
0.0 |
0.1 |
0.0 |
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Profit Before
Taxes |
11.0 |
1.9 |
0.1 |
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Corporation Tax |
2.6 |
0.2 |
0.0 |
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Financial Year
Result (Profit) |
8.4 |
1.7 |
0.1 |
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Income |
37.6 |
17.4 |
9.2 |
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Net Total Sales |
36.5 |
15.5 |
8.8 |
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Sales |
36.3 |
15.3 |
8.5 |
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Rendering of Services |
0.2 |
0.3 |
0.3 |
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Increase in Stocks |
0.9 |
1.5 |
- |
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Miscellaneous Operating Income |
0.2 |
0.1 |
0.4 |
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Auxiliary Income From Current Management |
0.1 |
0.1 |
0.2 |
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Grants |
0.1 |
0.0 |
0.3 |
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Income From Miscellaneous Interests |
0.1 |
0.1 |
0.0 |
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Miscellaneous Interests |
0.1 |
0.1 |
0.0 |
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Gains from Exchange Rate |
- |
0.1 |
- |
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Negative
Financial Results |
- |
- |
0.1 |
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Profit on Disposal of Assets |
0.0 |
- |
- |
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Capital Grants Transferred to Profit and
Loss |
0.0 |
0.0 |
0.0 |
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Extraordinary Income |
0.0 |
0.1 |
0.0 |
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Annual Balance Sheet |
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Financials in: USD (mil) |
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Concessions, Patents, Trademarks |
0.0 |
0.0 |
0.0 |
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Software |
0.0 |
0.0 |
- |
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Total Intangible Fixed Assets |
0.0 |
0.0 |
0.0 |
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Land and Construction |
5.1 |
5.6 |
6.1 |
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Technical Installations and Machinery |
0.7 |
0.6 |
1.0 |
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Other Installations, Tools, and Furniture |
0.1 |
0.1 |
0.2 |
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Tangible Fixed Assets Under Construction |
0.0 |
0.0 |
- |
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Other Tangible Assets |
0.1 |
0.0 |
0.1 |
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Total Tangible Fixed Assets |
6.0 |
6.4 |
7.3 |
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Other Receivables |
- |
0.5 |
0.6 |
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Long-Term Guarantees and Deposits |
0.0 |
0.0 |
0.0 |
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Financial Investments |
0.0 |
0.5 |
0.6 |
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Total Fixed Assets |
6.0 |
6.9 |
8.0 |
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Goods for Resale |
0.3 |
- |
- |
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Raw Materials and Other Consumables |
0.4 |
0.2 |
0.2 |
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Goods in Process |
2.3 |
0.9 |
0.9 |
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Finished Products |
1.4 |
2.0 |
0.5 |
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Payments on Account |
0.3 |
0.2 |
0.0 |
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Total Stocks |
4.6 |
3.4 |
1.7 |
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Trade Debtors |
10.1 |
6.7 |
5.7 |
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Public Bodies |
0.5 |
0.6 |
0.3 |
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Total Debtors |
10.6 |
7.3 |
6.0 |
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Other Receivables |
0.0 |
- |
- |
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Short-Term Guarantees and Deposits |
2.1 |
0.3 |
0.0 |
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Total Short-Term Investments |
2.1 |
0.3 |
0.0 |
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Cash |
0.9 |
1.1 |
0.4 |
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Prepayments and Accrued Income |
0.0 |
0.0 |
0.0 |
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Total Current Assets |
18.2 |
12.0 |
8.1 |
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Total Assets |
24.2 |
19.0 |
16.1 |
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Legal Reserve |
0.0 |
0.0 |
0.0 |
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Miscellaneous Reserves |
13.0 |
12.1 |
12.6 |
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Capital Adjustment to Euros |
0.0 |
0.0 |
0.0 |
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Total Reserves |
13.0 |
12.1 |
12.6 |
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Prior Year Losses |
- |
-0.3 |
- |
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Profit or Loss Brought Forward |
- |
-0.3 |
- |
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Profit or Loss for the Financial Year |
7.8 |
1.7 |
0.1 |
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Interim Dividend Paid |
-3.9 |
- |
- |
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Total Equity |
17.1 |
13.6 |
12.9 |
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Capital Grants |
0.0 |
0.0 |
0.0 |
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Total Deferred Income |
0.0 |
0.0 |
0.0 |
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Long-Term Liabilities from Capital Leases |
- |
- |
0.0 |
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Total Amounts Owed to Credit Institutions |
- |
- |
0.0 |
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Long-Term Guarantees and Deposits Received |
0.0 |
0.0 |
0.0 |
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Long-Term Payables to Public Bodies |
0.3 |
0.3 |
0.4 |
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Total Other Creditors |
0.3 |
0.3 |
0.4 |
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Total Long Term Liabilities |
0.3 |
0.3 |
0.4 |
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Loans and Other Liabilities |
0.0 |
0.0 |
0.0 |
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Short-Term Liabilities from Capital Leases |
- |
0.0 |
0.1 |
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Total Amounts Owed to Credit Institutions |
0.0 |
0.0 |
0.1 |
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Advanced Payments from Customers |
0.6 |
0.7 |
0.5 |
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Amounts Owed for Purchases of Goods or
Services |
4.7 |
4.1 |
2.1 |
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Total Trade Creditors |
5.4 |
4.8 |
2.6 |
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Public Bodies |
0.9 |
0.2 |
0.1 |
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Miscellaneous Debts |
0.4 |
- |
- |
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Wages and Salaries Payable |
0.2 |
0.1 |
0.1 |
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Total Other Creditors |
1.5 |
0.3 |
0.2 |
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Total Short Term Creditors |
6.8 |
5.1 |
2.9 |
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Total
Liabilities and Equity |
24.2 |
19.0 |
16.1 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
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1 |
Rs.83.17 |
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Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.